I manage several condos in Las Vegas as a corporate housing provider. The rents that I collect are significantly higher than what could be collected if the condo were leased long term and unfurnished (~$4,050 vs ~$1,800 for a one-bedroom). If you've got an A-grade condo in a great location with amenities, you could do very well. Minimum lease terms within the corporate housing industry is one month but average stays span 80 days. There will be vacancy throughout the year as the next resident rarely moves in the same day that the prior resident moves out but the benefits are significant: 1) Asset preservation - you get to enter your property to check on it several times throughout the year 2) Use - you can use the property yourself in between tenancies (and utilities are on) 3) Higher caliber clientele - the residents are usually owners themselves relocating or on short-term job assignments 4) Higher income - about a thousand dollars more per month even with the vacancies.
Check your municipality's laws regarding the definition of short-term rental for your county as well as your HOA CC&Rs. Fines could be stiff if you are caught incompliant. In much of Las Vegas, short-term is defined as 30 days or less, so all of my rental agreements are 31 days or longer. This avoids both having to pay "hotel tax" and having to register as a short-term provider.
Hope this information helps!
